建立WTO多边投资协议的基本原则分析

现有的国际投资法律制度,不能适应全球经济一体化和投资自由化发展的要求,停滞WTO多边投资协议谈判无助于问题的解决,并会产生新的矛盾。虽然WTO多边投资协议进程受阻,但促使WTO多边投资协议产生的基础仍在进一步发展,为保证WTO多边投资协议的可行,应遵循保证各方参与、利益平衡、渐进性等原则。     

浅析MAI的失败原因及未来国际投资多边立法的发展趋势

近年来国际直接投资迅猛增长,多边投资的立法研究越来越受到重视,一些国际组织开始对多边投资立法进行尝试,其中以OECD的MAI协议影响最大。本文简要介绍了MAI协议的基本情况,并对未来立法进行了探讨。     

浅析MAI的失败原因及未来国际投资多边立法的发展趋势

近年来国际直接投资迅猛增长,多边投资的立法研究越来越受到重视,一些国际组织开始对多边投资立法进行尝试,其中以OECD的MAI协议影响最大。本文简要介绍了MAI协议的基本情况,并对未来立法进行了探讨。     

国际多边投资谈判进程分析

随着经济全球化、区域化进程的加剧，国际投资成为驱动国际经济发展的重要动力。国际投资的迅猛发展，客观上要求在世界范围内建立综合性的多边投资协定或框架。由经济合作与发展组织（OECD）着手起草并组织谈判的《多边投资协定》（Multilateral Agreement on Investment，以下简称MAI）虽然应运而生，但由于种种复杂因素而至今未能生效；世界贸易组织（WTO）也在为建立一个全球范围内的多边投资框架而不懈地努力着，虽然谈判的过程充满荆棘，但崭新的多边投资框架在未来的新鲜出炉，已是众望所归，众声所愿了。     

投资理论研究文献综述

经济学界对于投资的研究由来已久,但直到20世纪后期才有完整体系的投资理论,投资理论经历了从收入决定理论和加速器原理、经济增长理论、国际投资理论和金融投资理论等的演进.从发展趋势看,对外直接投资仍是学术研究的重点,而金融投资理论及其定量方法的突破性进展,已经确立了研究领域的主流地位,并且带来了相关理论研究与实证研究的热潮.     

世界银行集团家族的新成员——多边投资担保机构

以往人们所指的世界银行集团是由国际复兴开发银行，简称世界银行（IBRD）及其两个附属机构－国际开会协会（IDA）、国际金融公司（IFC）组成，1988年4月12日，随着建立多边投资担保机构的国际公约生效，世界银行集团家族中又增添了一位新的成员－－多边投资担保机构（MIGA）。该机构的特殊使命是通过消除非商业性的投资障碍。尤其是政治风险，来鼓励股份投资和其他直接投资流入发展中国家。向投资者担倮非商业性风险；向发展中成员国政府就有关外国投资的政策、方案和程序提供咨询；以及为国际商业界与东道国政府就投资问题安排对话。     

中国对哈萨克斯坦基础设施投资的法律保障研究

哈萨克斯坦是与中国接壤的重要国家，其推出了大量投资激励措施，为外国投资者在哈萨克斯坦基础设施投资提供支持。中国企业在哈萨克斯坦进行基础设施投资面临较大的挑战，其中尤为重要的是解决投资哈萨克斯坦基础设施的有关法律问题。中国投资者应根据自身情况选择合适的投资策略，积极应对各种风险，以确保投资成功。中国在哈萨克斯坦进行基础设施投资，主要涉及三个方面的法律规制：一是中国法律，二是哈萨克斯坦法律，三是有关中哈投资的双边及多边协议。文章着重从规范中国投资者投资哈萨克斯坦基础设施的三个法律层面来探讨法律保障体系。     

《TRIMs协议》中国民待遇条款的理论浅析

《TRIMs协议》是世界贸易组织乌拉圭回合谈判的主要成果之一,从此之后,跨国投资被纳入多边谈判体系,成为《世界贸易组织协定》的重要组成部分。而《TRIMs协议》中的第二条国民待遇条款及其附件,在协议中地位更为重要,国民待遇的适用几乎成为各国争论的焦点,本文就此条款展开研究,以期为我国今后的实践给予一些理论上的帮助。     

开创招商引资工作新局面

<正> 近年来,我们一直在强调加大招商引资的力度,国家投入巨资将过去区域性投资贸易洽谈会升级为全国性投资贸易洽谈会就是最好的例证。由政府“搭台”请外商来,实现了招商引资的规模效应,对全方位介绍我国的投资环境、投资政策、招商项目不无益处。应该说,这都是观念上的进步。但我们也应该看到,90年代以来,为适应国际间吸收外国直接投资竞争日益加剧的形势,许多国家成立了专门的外国投资促进机构(据国际投资多边担保机构的调查,绝大多数的投资促进机构成立于最近的十年)。专业投资促进机构的介入、使投资东道国逐步形成了具有本国特色并符合国际运作方式的外国投资促进体系。全     

加入WTO与“国民待遇”

一、“国民待遇”是一项重要原则 “十五大”报告指出，我国将从现在起，到下个世纪前１０年，对外商投资者实行“国民待遇”，在投资、生产、经营各环节给予和国人投资相同的待遇。“国民待遇”作为开放条件下国际投资领域里的一项重要原则，主要是通过国际条约和国内立法来体现的，它具有较高的透明度和权威性。目前，规定“国民待遇”原则的多边协定主要有三个：世界贸易组织（ＷＴＯ）、服务贸易总协定（ＧＡＴＳ）和与贸易有关的投资措施协议（ＴＲＩＭＳ）。 由于世界各国的经济发展水平不同，各国对“国民待遇”原则的适用也采取不同…     

Almanac of anticipations: The age of affluence—of anticipation—of anxiety—of automation—of discontinuity—of longing—of overkill—of space exploration

With this survey of developments in the futures field since 1945, I.F. Clarke completes his present series for Futures. He makes two major points: that forecasting techniques have become essential tools in the management of change; and that nuclear weapons and ecological problems have added a moral dimension to the study of the future. In the next issue of Futures he will start a new series on the range of future-thinking in the USA, from the expectations of the first settlers to the Star Wars programme.     

社会主义所有制形式的改革、完善与共产党执政能力的提高

在中国,所有制形式的调整、改革与完善,先进生产力的发展,党的执政能力建设,是社会主义建设过程中密切结合在一起的三个不同层面的发展关系.应在相互促进和共同提高中促进社会的和谐发展,保证社会主义现代化建设战略目标的顺利实现.     

基金公司经营融资融券业务的问题审视

融资融券业务正式运营已经开展,为证券市场带来了革命性的改革,作为证券市场的一大主体,基金公司面对融资融券也迎来了新的发展方向和挑战,本文从融资融券业务的运行机制入手,分析了基金公司融资融券的新契机,并对其即将面临的问题进行审视和剖析,进而提出策略建议.     

对基层人民银行科技工作的几点建议

银监会分设后,人民银行将专司货币政策、金融稳定、金融服务三大职能。作为人民银行的分支机构,基层人民银行的工作重心也将从金融监管调整到这三大职能上来。人民银行的科技部门,就要积极运用科技手段,为人民银行履行新的职能发挥“服务、支持、促进、发展”的作用。一、围绕三大职能搭建五大平台经过“六五打基础、七五作准备、八五大发展”几个阶段后,人民银行相继实现了核算电算化、清算网络化和办公信息化。特别是近一两年来,陆续开通了大额支付系统、信贷登记咨询系统、会计四集中系统、金融信息服务网站等系统,人民银行信息化水平又…     

Properties of time-series estimates of degree of leverage measures

Empirical studies suggest that time-series regression estimates of the degrees of operating and financial leverage have a tendency to produce measures less than one. According to ex ante theory, these measures should be greater than one for firms operating above the breakeven point. There have also been suggestions that the biases in these estimates may be attributable to an underlying increase in unit sales. This work presents evidence that these counter-intuitive measures are produced by changes in the firm's operating parameters (unit price, variable cost, fixed cost and interest payments). It further suggests that attempts to control for the underlying change in unit sales substantially increase the volatility of predicted estimates.     

浅议金融机构的举证责任

金融纠纷案件是当事人以存单或进账单、对账单、存款合同、保险单、票据、证券等凭证为主要证据向人民法院提出诉讼的案件,对于不同种类金融纠纷的当事人的举证责任,我国现行的金融法律、法规及司法解释有不同的规定。由于金融机构的特殊法律地位,发生金融纠纷时存在有关当事人将最后偿付风险转移给金融机构承担的主观故意,在客观上会使金融机构难以提供相应的证据来对抗不法债权人的诉讼请求,而导致金融机构败诉。为此,对金融诉讼案件中金融机构的举证责任加以研究具有重要的实践意义。     

The Usefulness of Measures of Consistency of Discretionary Components of Accruals in the Detection of Earnings Management

Abstract:  Prior research has shown the prevalence of measurement error in models used to estimate aggregate discretionary accruals. In these models, the incremental information content of the various components of accruals is ignored. Limited prior research and data gathered from firms under Securities and Exchange Commission (SEC) litigation indicate that managers use either one or more than one component of accruals simultaneously, in a consistent way to manipulate bottom-line earnings in a given direction. I propose two measures that capture the consistency between the discretionary components of accruals and test their significance in earnings management (EM) detection in firms that have artificially added accrual manipulation and firms that were targeted by the SEC for accrual manipulation. There is evidence that this information is incrementally useful in detecting EM. This finding paves the way for improvements in the discretionary accruals measure by including consistency information from the components of aggregate accruals.     

Summary of Results of Survey of Seminar Attendees

Abstract

The Society of Actuaries undertook a three-phase research project on mortality improvement in the three NAFTA countries: Canada, Mexico, and the U.S. Phase 1 consisted of a literature review of papers on projecting mortality levels in the future and a study of the trend in mortality improvement during this century. Phase 2 consisted of a discussion of different facets of modeling mortality rates at a seminar attended by 79 experts (actuaries, demographers, economists, and medical researchers) representing different countries. The last session of the seminar consisted of the completion of a survey by the attendees to obtain input for Phase 3, which would analyze the impact of mortality improvement on the social security system of each country. This paper summarizes the results of the survey.

The survey results illustrate the difficulty in forecasting mortality levels, because the effects of many factors that could have significant impact on mortality rates are unknown. This suggests the need for dynamic forecasting, which allows for the possibility of random shocks. A majority of the survey respondents believe that stochastic forecasting models, despite their complexity, have significant potential to add value. Respondents also believe that both historical data and cause-specific mortality forecasts are useful as input and also in validating forecasts of the aggregate levels of mortality. The challenge is to develop more sophisticated forecasting models to produce results that are relatively easy to interpret and to communicate these results to the desired audiences, including the public and policymakers.

The survey results suggest that the aggregate effect of lifestyle changes, medical advances, diseases, catastrophe, and physical environmental changes is an increase in life span. However, there is much uncertainty about the future. Respondents expect that beyond the year 2020 the mean annual rate of reduction in mortality for males age 65 and over will average about 0.58% for Canada, 0.76% for Mexico, and 0.67% for the U.S. The results for the female age 65 and over population are 0.64%, 0.83%, and 0.70%, respectively. The age 65 and over population is expected to see larger percentage reductions in mortality than the 0–14 and 15–64 populations. The reductions in male and female mortality will be ultimately the same, and the mortality levels in the three countries will ultimately converge, although differences may persist for decades.     

Separation of Unit of Account from Medium of Exchange

The separation of a unit of account (UoA) from a medium of exchange (MoE) in the commodity–money system is investigated by considering explicitly a seller's choice of UoA in terms of either an MoE or a unit of metal weight. If the likelihood of debasement of an MoE and its rate are high enough, the price is posted in terms of a unit of metal weight rather than an MoE. Interestingly, this MoE–UoA separated equilibrium yields the flexible nominal price, whereas an MoE–UoA integrated equilibrium yields the sticky one. This implies the nominal price rigidity in the fiat‐money system where MoE and UoA are integrated.